Payroll Funding For Small Businesses
Payroll financing through invoice factoring is an alternative means of improving your company’s cash flow. A factoring company in Virginia or elsewhere in the US will purchase your open invoices and advance you 70-90 percent of their face value within 24 hours of invoice verification. You can use the cash you receive to make payroll, but also to pay your other bills and expand your business – whatever you need!
The important thing about payroll factoring is that it is not a loan; rather, because a Virginia payroll funding company is purchasing your invoices they are actually converting your assets into liquid cash rather than creating a new debt on your balance sheet.
Don’t let cash flow concerns turn your company in the Mother of All States into the Mother of All Disasters. Instead, choose Virginia payroll funding with Factor Finders.
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How Does Payroll Funding Work?
Payroll funding is a simple process that you can repeat as often as you need to maintain your cash flow:
- Provide your product or service to your customers as usual, and send a copy of the invoice to your payroll factoring company.
- The factor will deposit the funds into your bank account within 24 hours.
- Use the cash to conduct business as usual.
- Your customers will pay the factoring company.
- The factor will remit the balance of your invoices, minus their fees.
With no minimums, maximums, or long-term contracts, payroll financing is the most flexible funding option available for companies looking to establish or rebuild their credit rating and to pursue profitable growth.
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Payroll Factoring For Financial Support
Payroll factoring has quickly become one of the most popular forms of funding for the staffing industry. To maintain a successful staffing firm means that employees must be paid on time, every time. Yet, covering payroll can prove tough when clients are paying on 30, 45 or 60 day terms. Staffing companies choose factoring for a steady flow of working capital to cover expenses and grow their businesses.
Virginia payroll funding includes a number of additional benefits beyond immediate access to cash, including administrative office support to handle your collections and credit checks for your customers. Not only does this eliminate some of your overhead, but it also frees your employees to focus on perfecting your product or service and to work toward future growth.